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Fresh woes for pound and long-term borrowing costs after US data

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Sterling lost almost a cent , to stand just above $1.22 at one stage, on the back of higher support for the greenback.

US employment data came in much stronger than expected, denting the prospects for rate cuts in the UK .

Financial markets now expect to see just one rate reduction by the Bank of England this year due to stubbornly high inflation and flatlining growth.